What is measured on the vertical axis on the Phillips curve diagram?
A)the price level
B)unexpected inflation
C)the output gap
D)real GDP

Question

Quizplus · Accepted Answer

The vertical axis on the Phillips curve represents the rate of inflation or unexpected inflation, which is measured by the percentage change in the price level over time. It is not measured by the output gap or real GDP, which are typically represented on the horizontal axis.

What Is Measured on the Vertical Axis on the Phillips